Determining whether it's a bull or bear market actually has a very simple signal: just look at those coins controlled by strong market makers, and whether the market makers are still defending the price.

For example, HYPE, BNB, and SUI are typical strong market maker coins:

HYPE previously had the project team buy back to support the price every month;

BNB is directly controlled by the Binance platform;

SUI has been heavily supported since September last year, and even with more unlocking, it does not drop.

But now, even if BTC rebounds, these three coins are still showing weak trends. According to bull market logic, they should rebound stronger, but now they are getting weaker and weaker—market makers seem to have given up defending the price. This actually indicates that the market pattern is changing.